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million in the first quarter as the freight recessionh continues to weighdown performance. The loss, whichb amounted to $4.34 a share, compared with a loss of $46.387 million, or 82 centzs a share, in the same quarter a year earlier, the Overlands Park-based trucking company (Nasdaq: YRCW) said in a releasd after the market closed on The loss would havebeen $2.63 a shard without $164 million, or $1.7q1 a share, in charges — primaril for network integration, severance, reserve accruals and pension settlemenr and union employee stock awards. Revenue was $1.5 billion for the thre e months that endedMarch 31, down 32.7 percentg from $2.23 billion in the same quartef of 2008.
Even excluding the charges, earnings resultw fell far below analysts’ expectations. Twelvee analysts surveyed by reportesd a consensus estimate for a lossof $1.90p a share for YRC. “W made significant investments in our companh during the first quarter to enhance our positiobn in the market and improve our futureoperating performance,” YRC Chairman and CEO Bill Zollars said in the “Unfortunately, the economy progressively weakened throughoug the quarter, making it more challenging to get ahead of the volumed declines.
With that said, the Marcyh 1 integration of our national networks allowed us to remove substantial capacit y and reset the volume needs of our while significantly enhancing our service offeringt tothe customer.” “Our volumes were impacted by multiple factors, most notably the economy and businesz diversion due to customer anxiety surrounding the integratiobn of Yellow and Roadway,” Zollars said in the release.
“Soms customers have already returneds business, which was temporarily but it is difficult to predict at what levelzs or how quickly the rest will come The company also hasbeen , and has been selling company-owner real estate, raising $176 millioh of cash in sales and sale-leaseback deals in the first YRC said that it closed a $32 million sale-leaseback deal with on for a total of about $150 million in such dealws with Estes this year. YRC did not provide an earningsforecasrt Thursday, though Zollars said the company would offer updates as the outlook becomex clearer. YRC ranks No.
2 on the Kansazs City BusinessJournal ’s list of area public
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